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Tips for Paying Off Foreign Education Loans

Repaying an overseas education loan is a big task, know the east steps that can help you plan to pay off the education loan.

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Tips for Paying Off Foreign Education Loans

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  1. Tips for Paying Off Foreign Education Loans

  2. 02 03 04 01 Consider the interest rates applicable Take advantage of the moratorium period Earn while you learn Create a proper plan for repayment 05 Work hard for yearly scholarships at your college/ university

  3. Consider the interest rates applicable • Every bank or money lending organization has its own policies for interest rates that are applicable on the loan amount. Hence, you should choose a lender that offers a lower interest rate.

  4. Take advantage of the moratorium period There is a special provision for students before they start repaying their overseas education loan. There moratorium period or EMI holiday period, allows the student/parent to merely pay the simple interest applicable for loan only during this period. The moratorium period begins from the time the loan is transferred to the student’s account till the completion of 1 year after finishing the course/ 6 months after getting the job. Then the student should start repaying the loan with regular decided EMI value every month.

  5. Earn while you learn • Students should consider taking part-time jobs to bear their day to day expenses as well as begin saving for repayments. This can help to repay some larger amounts or repay in a single stroke. There are some lenders that do not charge for repayment or charge less. So, you can choose your lender accordingly. You can plan for repayment by using your savings in a single shot or by adding up other family savings if possible, sooner or later.

  6. Create a proper plan for repayment • You can automize your monthly payments into Equal Monthly Instalments (EMIs) for a better repayment habit. This will channelize your structure of income and expenses and sparing a particular amount towards your EMI from your bank account directly.

  7. Work hard for yearly scholarships at your college/ university Most of the colleges/ universities encourage their students to study hard and perform extraordinarily not only in their academics but also some extra-curricular streams. Financial awards are given to such merit students, that entitle yearly tuition full or partial tuition fees. One can get the Assistance For Overseas Education Loan Process, this can also reduce the burden of the education loan in a way. These scholarships are given apart from the regular scholarships for yearly progress of the student.

  8. Our Address: 'Krishna’, Plot No. 10/2, I.T. Park, Opp. V.N.I.T, Behind Infotech Tower, Parsodi Nagpur, Maharashtra, India- 440022 Email: info@elanloans.com Contact No: +91 74477 57842 Visit here: www.elanloans.com

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